Sat 10 Nov 2007

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One Response to “Paying Off Loans?”

1. Ken Thomas '93 says:

   Perkins cancellation (Stafford similar) is available to the following classes as a condition of the program (summary lifted from OU FinAid website via first Google hit):

   * full-time teacher in a designated elementary or secondary school serving students from low-income families
   * full-time special education teacher — includes teaching children with disabilities in a public or other nonprofit elementary or secondary school
   * full-time qualified professional provider of early intervention services for the disabled
   * full-time teacher of math, science, certain foreign languages, bilingual education, or in other fields designated as teacher shortage areas
   * full-time employee of a public or nonprofit child or family service agency providing services to high-risk children and their families from low-income communities
   * full-time nurse or medical technician
   * service as a full-time law enforcement or corrections officer
   * full-time service as a staff member in a Head Start Program
   * service as a VISTA or Peace Corps Volunteer
   * services in the Armed Forces

   At least a decade ago, Teach for America positions were pro forma qualified under the first provision.

   Since Perkins is administered by– and to some extent subsidized by the credit of– institutions, it may appear to the student that the granting institution is providing the cancellation. As far as I can tell from a quick glance, the cancellation is federally funded (or at best, would only affect the minor portion funded by the institution). Anyone who reads through the actual provisions can probably correct me here.

   Regardless, note that a “teaching college” which saddles a graduate with $60K or more of debt under these programs would be effectively using these provisions to finance its existence, whereas a Williams student with similar career trajectory would, depending on income, either self-finance or rely on the endowment in one way or another.

   I’ll leave to those who care to ask “who pays, specifically, and how much?” in such situations.

   November 10th, 2007 at 4:14 pm

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